This basic design is revolutionary for our Company and also fits our type of shipbuilding philosophy in China. IMS has also agreed to invest in the yard infrastructure to enable it to complete the IMS program. The agreement to build the first 4 of these ships and invest in the yard has customary conditions precedent that will be satisfied within short.
The total calculated delivered building price is about USD 25 mill per ship or USD 250 mill for all 10 ships exclusive of relevant pre-delivery expenses.
See attachment for more information.